A majority fo Gen Z shoppers (62%) said they will shop more frequently online after the pandemic than before.
That’s according to a new report from The Influencer Marketing Factory, which found that 97% of Gen Z consumers use social media as the main source for their shopping inspiration.
Some 40% follow brands on social media and 68% read or watch at least three reviews before making a purchase for the first time.
The global social commerce market has been estimated at almost $90 billion in 2020 and is expected to grow to a whopping $604.5 billion in 2027 at a CAGR of 31.4%.
Speaking to 350+ Gen Z and Millennials in the US, the report found that 38.05% preferred online over in-store (32.08%) shopping, while 29.56% preferred both.
The products bought most frequently on social were apparel items and beauty, followed by tech and home products.
Social commerce offers a number of benefits according to respondents, including brand interaction and the chance to read reviews and share products with friends.
A whopping 90% of marketers previously said that influencer marketing was effective and 72% believed that the quality of customers from these campaigns was higher.
Shoppable stories and posts are now making it easier than ever before to shop online and create brand awareness. The report highlights that there are significant opportunities for brands and retailers to enter this space and win new customers.